Save Article

Schneider to Cut 1,000 Jobs
As Strong Euro Raises Costs

By

Greg Keller Dow Jones Newswires

Updated July 2, 2003 7:34 p.m. ET

PARIS -- Schneider Electric SA said Wednesday it will cut around 1,000 jobs in France, or 1.3% of its work force, as part of its plan to shift a number of production facilities to non-euro-zone countries in response to stagnant market conditions and a rising euro.

The French plug-and-switch maker, which supplies electrical distribution equipment to the building industry as well as industrial automation and control devices, is...